- Lae Port Development project
Lae Port Development project
1213 // Papua New Guinea
|Borrower||Papua New Guinea|
|Financing Type||Public Sector|
|Executing Agency||Independent Public Business Corporation (IPBC)|
|Co-financiers||ADB, GOVERNMENT, JFPR|
|OPEC Fund Contribution (US$m)||6.00|
|Total Project Cost (US$m)||148.07|
Lae Port is PNG’s largest and busiest port, handling more than 60% of the total international and coastal trade. Cargo volume has soared over the years, and the facility is no longer able to keep pace with the present demand.
The project will construct a 700 x 400 m tidal basin located northwest of the existing port, and a 240 m-long multi-purpose berth. The new infrastructure will enable Lae Port to handle cargo traffic more swiftly and efficiently and accommodate larger ships. Additionally, around 2,900 inhabitants in the project area presently living under extremely impoverished conditions will be resettled and provided with a wide range of social services.